1 00:00:31,920 --> 00:00:38,979 Suze: November 20th 2022. My goodness. That's only four days from Thanksgiving. 2 00:00:39,010 --> 00:00:44,409 Suze: The holiday season is once again upon us. Does it 3 00:00:44,409 --> 00:00:47,790 Suze: just come faster every single year, 4 00:00:48,320 --> 00:00:53,760 Suze: does it? Sure seems that way to me anyway, Welcome 5 00:00:53,770 --> 00:00:57,160 Suze: to the Women and Money podcast as well as everybody 6 00:00:57,160 --> 00:00:59,360 Suze: smart enough to listen. 7 00:00:59,910 --> 00:01:04,420 Suze: Today is Suze School and I just have to say 8 00:01:04,430 --> 00:01:05,510 Suze: I need a break, 9 00:01:06,530 --> 00:01:10,450 Suze: I need a break from the stock market. The stock 10 00:01:10,450 --> 00:01:13,410 Suze: market is going to be what the stock market is 11 00:01:13,410 --> 00:01:16,720 Suze: going to be and we just need to take the 12 00:01:16,720 --> 00:01:20,530 Suze: long term perspective on it and do everything that we've 13 00:01:20,530 --> 00:01:24,910 Suze: talked about. So today I kind of want to go 14 00:01:24,910 --> 00:01:29,270 Suze: into storytelling mode. I want to talk about 15 00:01:29,560 --> 00:01:34,369 Suze: and tell the history of Social Security because it is 16 00:01:34,370 --> 00:01:38,370 Suze: going to play in to what the future holds for 17 00:01:38,370 --> 00:01:40,420 Suze: many of you. 18 00:01:41,569 --> 00:01:48,860 Suze: On August 14, 1935, President Roosevelt signed into law 19 00:01:49,600 --> 00:01:53,990 Suze: A new act that created a program designed to pay 20 00:01:53,990 --> 00:01:59,800 Suze: retired workers age 65 a continuing income. 21 00:02:00,780 --> 00:02:04,530 Suze: When this act first came about, it was named the 22 00:02:04,540 --> 00:02:09,400 Suze: Economic Security Act. And that was because the committee which 23 00:02:09,400 --> 00:02:14,940 Suze: drafted the proposal was the Committee on Economic Security kind 24 00:02:14,940 --> 00:02:19,859 Suze: of made sense to me, but later on Congress changed 25 00:02:19,870 --> 00:02:24,410 Suze: the name to the Social Security Act. Now, nobody knows 26 00:02:24,410 --> 00:02:27,709 Suze: for sure why they changed the name. 27 00:02:28,060 --> 00:02:31,590 Suze: There are many different stories about it, but that's what 28 00:02:31,590 --> 00:02:35,450 Suze: it's called. Here's what I start to find interesting. 29 00:02:36,100 --> 00:02:41,090 Suze: The first person to ever receive a Social Security check. 30 00:02:41,100 --> 00:02:46,680 Suze: Can you imagine was a legal secretary from Ludlow, Vermont 31 00:02:46,690 --> 00:02:50,920 Suze: by the name of Ida May Fuller, I love that 32 00:02:50,930 --> 00:02:55,300 Suze: because my mama was a legal secretary. I just loved that. 33 00:02:55,830 --> 00:03:02,320 Suze: Anyway, she retired in November 1939 34 00:03:02,940 --> 00:03:09,910 Suze: And she started collecting benefits in January of 1940 at 35 00:03:09,910 --> 00:03:14,730 Suze: the full retirement age of 65. 36 00:03:15,669 --> 00:03:21,850 Suze: Now, even though Social Security Act came about in 1935, 37 00:03:22,389 --> 00:03:30,210 Suze: They decided they were not going to pay benefits until 1940. 38 00:03:30,230 --> 00:03:35,230 Suze: In 1940, when Social Security started to first pay, 39 00:03:35,870 --> 00:03:40,000 Suze: if you had reached age 65 by then 40 00:03:41,080 --> 00:03:45,520 Suze: they expected that men were only going to live another 41 00:03:45,530 --> 00:03:55,100 Suze: 12.7 years and women would live another 14.7 years if 42 00:03:55,210 --> 00:04:00,690 Suze: you made it to age 65. So what this meant 43 00:04:00,980 --> 00:04:05,430 Suze: is that when they calculated benefits for Ida May 44 00:04:06,070 --> 00:04:09,170 Suze: that she would go on to live until she was 45 00:04:09,170 --> 00:04:14,770 Suze: like 79 a half years of age right around there. 46 00:04:14,780 --> 00:04:18,670 Suze: And so that is how long they would have to 47 00:04:18,670 --> 00:04:22,200 Suze: make sure that they could afford to pay people like 48 00:04:22,210 --> 00:04:23,190 Suze: Ida May. 49 00:04:23,800 --> 00:04:26,790 Suze: So let's have a little quizzie today. 50 00:04:27,580 --> 00:04:28,930 Suze: So the first quizzie is this: 51 00:04:30,839 --> 00:04:36,239 Suze: How much do you think Ida May's Social Security check was for? 52 00:04:36,830 --> 00:04:38,390 Suze: I'll give you three choices. 53 00:04:38,960 --> 00:04:42,880 Suze: It was $54.35 a month. 54 00:04:43,839 --> 00:04:54,920 Suze: That was A. B) $22.54 a month or C) $61.80 55 00:04:54,930 --> 00:04:55,719 Suze: a month. 56 00:04:57,070 --> 00:04:57,990 Suze: Can you imagine? 57 00:04:59,029 --> 00:05:02,660 Suze: Which one of those did Ida May get? If you 58 00:05:02,660 --> 00:05:08,500 Suze: answered B $22.54 you were correct. 59 00:05:09,230 --> 00:05:16,580 Suze: However, Ida did not live until 79.7 years of age. 60 00:05:17,110 --> 00:05:22,200 Suze: She actually lived to be 100 years of age and 61 00:05:22,200 --> 00:05:29,870 Suze: died in 1975. Now. Over all those 35 years of 62 00:05:29,870 --> 00:05:33,070 Suze: her life after she retired, 63 00:05:34,029 --> 00:05:44,229 Suze: She received a total of $9,466.80 in Social Security. You know, 64 00:05:44,900 --> 00:05:48,260 Suze: it was around 1975, 65 00:05:48,900 --> 00:05:54,330 Suze: 1976 that I really started to look at money in 66 00:05:54,330 --> 00:05:56,400 Suze: a whole different way. 67 00:05:57,100 --> 00:06:02,510 Suze: I was very confused about it because my girlfriend's brother 68 00:06:03,120 --> 00:06:08,070 Suze: bought a home and was paying a mortgage of $158 69 00:06:08,070 --> 00:06:08,700 Suze: a month. 70 00:06:09,460 --> 00:06:12,750 Suze: But yet Nevin, my girlfriend at the time and myself 71 00:06:12,760 --> 00:06:18,310 Suze: were renting an apartment for $220 a month and I 72 00:06:18,310 --> 00:06:23,510 Suze: didn't understand why he was paying less to own a 73 00:06:23,510 --> 00:06:27,010 Suze: home and I was paying more to rent a home. 74 00:06:27,670 --> 00:06:34,529 Suze: And that is when things started really to escalate financially speaking. 75 00:06:34,529 --> 00:06:36,910 Suze: But think about Ida 76 00:06:37,520 --> 00:06:44,150 Suze: who all the way from 1940 to 1975, things were 77 00:06:44,150 --> 00:06:47,330 Suze: already starting to get more expensive. 78 00:06:48,170 --> 00:06:56,920 Suze: She was still only getting $22.54 a month in Social Security. Now, 79 00:06:56,920 --> 00:06:59,990 Suze: you may think, Oh Suze, she must have gotten a 80 00:06:59,990 --> 00:07:03,440 Suze: cost of living increase over all those years. You would 81 00:07:03,440 --> 00:07:07,160 Suze: think that right? But no, because it wasn't until the 82 00:07:07,160 --> 00:07:10,110 Suze: year that she died 1975, 83 00:07:10,460 --> 00:07:14,700 Suze: that Social Security started for the very first time to 84 00:07:14,700 --> 00:07:20,510 Suze: adjust for the cost of living adjustment. Again, that was 85 00:07:20,510 --> 00:07:28,320 Suze: 35 years after people started receiving social security checks. So 86 00:07:28,320 --> 00:07:30,060 Suze: as you can see 87 00:07:30,980 --> 00:07:36,160 Suze: the Social Security Administration or whoever did all of this, Congress, 88 00:07:36,190 --> 00:07:39,910 Suze: they did not do a great job in number one 89 00:07:39,920 --> 00:07:47,270 Suze: projecting life expectancies given the medical cures and treatments that 90 00:07:47,270 --> 00:07:54,410 Suze: were to come along. But that is why in 1983 91 00:07:54,760 --> 00:08:00,170 Suze: they decided to raise the full retirement age from 65 92 00:08:00,170 --> 00:08:04,940 Suze: to 67. Now, for those of you who don't remember 93 00:08:04,940 --> 00:08:08,320 Suze: that there are a lot of you that listen to 94 00:08:08,320 --> 00:08:12,000 Suze: the women and money podcast that have no idea about 95 00:08:12,010 --> 00:08:13,640 Suze: any of this truthfully 96 00:08:14,500 --> 00:08:20,370 Suze: That in 1983 they passed a law that said starting 97 00:08:20,370 --> 00:08:23,220 Suze: in the year 2000. 98 00:08:23,860 --> 00:08:29,730 Suze: If you were born in the year 1938, 99 00:08:30,390 --> 00:08:34,520 Suze: You would have to wait to take full social security 100 00:08:34,540 --> 00:08:38,229 Suze: until you were 65 plus two months. 101 00:08:39,070 --> 00:08:43,340 Suze: If you were born in 1939 you would have to 102 00:08:43,340 --> 00:08:50,600 Suze: wait to take full Social Security till 65 and 4 months. Obviously, 103 00:08:50,640 --> 00:08:54,160 Suze: if you took it earlier than that, there would be 104 00:08:54,170 --> 00:08:57,849 Suze: like a 20% reduction in what you would have gotten. 105 00:08:57,860 --> 00:09:03,540 Suze: If you had waited till full Social Security age. Now, 106 00:09:04,100 --> 00:09:10,620 Suze: the full Social Security age increased two months for every 107 00:09:10,620 --> 00:09:18,309 Suze: birth year till 1943. So if you were born in 1943, 108 00:09:18,350 --> 00:09:23,660 Suze: you would need to be 66 to attain full Social 109 00:09:23,660 --> 00:09:28,370 Suze: Security age or what technically is known as your full 110 00:09:28,380 --> 00:09:31,390 Suze: retirement age. Your FRA . 111 00:09:32,320 --> 00:09:39,420 Suze: So if you were born however from 1943 to 1950 112 00:09:39,420 --> 00:09:46,110 Suze: for that is 11 years. Everybody your full retirement age 113 00:09:46,120 --> 00:09:50,880 Suze: stayed at 66 now it just stays stable there for 114 00:09:50,880 --> 00:09:54,070 Suze: all those years. I don't know why they did it 115 00:09:54,070 --> 00:09:56,740 Suze: that way. But they just did 116 00:09:57,929 --> 00:09:59,270 Suze: Then starting 117 00:09:59,880 --> 00:10:05,540 Suze: if you were born in 1955, full retirement age would 118 00:10:05,540 --> 00:10:09,210 Suze: be 66 plus two months and it would increase two 119 00:10:09,210 --> 00:10:14,980 Suze: months every year till 1960. So if you were born 120 00:10:14,980 --> 00:10:23,810 Suze: 1960 or later right now your full retirement age is 67. 121 00:10:23,900 --> 00:10:29,100 Suze: And if you were to take social security at 62, 122 00:10:29,690 --> 00:10:34,949 Suze: there would be a 30% reduction from what you would 123 00:10:34,950 --> 00:10:39,390 Suze: have gotten at 67. So are we clear on the 124 00:10:39,390 --> 00:10:41,349 Suze: past on all that everybody. 125 00:10:42,380 --> 00:10:44,830 Suze: So why am I telling you all this 126 00:10:45,429 --> 00:10:49,990 Suze: So many of you write in and you say you're afraid 127 00:10:50,000 --> 00:10:54,280 Suze: you're afraid that Social Security is going to go bankrupt 128 00:10:54,290 --> 00:10:57,090 Suze: that you're not going to get your Social Security check? 129 00:10:57,100 --> 00:10:59,330 Suze: What are they going to be able to do to 130 00:10:59,330 --> 00:11:01,059 Suze: save Social Security? 131 00:11:01,760 --> 00:11:06,489 Suze: Well, they're going to most likely do exactly what they 132 00:11:06,490 --> 00:11:09,490 Suze: did back in 1983. 133 00:11:10,179 --> 00:11:14,340 Suze: So there are a few proposals, one or two that 134 00:11:14,340 --> 00:11:19,900 Suze: I've read that have been introduced into Congress 135 00:11:20,530 --> 00:11:27,390 Suze: And they all talk about raising the full retirement age 136 00:11:27,410 --> 00:11:32,600 Suze: to 70. So from 67, which is where it is 137 00:11:32,600 --> 00:11:37,780 Suze: right now. If you were born 1960 or later, 138 00:11:38,660 --> 00:11:43,550 Suze: They are proposing to raise it, not for those who 139 00:11:43,550 --> 00:11:46,830 Suze: are currently getting social security, they will phase it in 140 00:11:46,830 --> 00:11:50,540 Suze: slowly like they did before when they went from 65 141 00:11:50,550 --> 00:11:55,569 Suze: to 67. But now they are projecting to not raise 142 00:11:55,570 --> 00:11:58,840 Suze: it just two years from 65 to 67. 143 00:11:59,020 --> 00:12:04,500 Suze: They are proposing to raise it from 67 to 70, 144 00:12:04,510 --> 00:12:08,760 Suze: which is three years longer. 145 00:12:09,290 --> 00:12:15,010 Suze: And they also have other suggestions that they would add 146 00:12:15,010 --> 00:12:19,719 Suze: in as well. So again, just so we're clear. So 147 00:12:19,720 --> 00:12:23,900 Suze: you all aren't panicking, I have no idea when these 148 00:12:23,900 --> 00:12:27,890 Suze: changes will be enacted or what they will end up being. 149 00:12:28,580 --> 00:12:33,090 Suze: But again, just like in 1983 where they gave all 150 00:12:33,090 --> 00:12:36,290 Suze: of you many years to get ready for it, I'm 151 00:12:36,290 --> 00:12:40,520 Suze: sure they will do the same this time. So, again, 152 00:12:40,530 --> 00:12:45,150 Suze: if you are not currently even close to collecting social security, 153 00:12:45,160 --> 00:12:49,780 Suze: you best pay attention here because you are the ones 154 00:12:49,780 --> 00:12:53,520 Suze: that this is really going to effect. And I say 155 00:12:53,520 --> 00:12:58,070 Suze: that because I remember back in 1983 156 00:12:58,610 --> 00:13:01,699 Suze: I was 32 years of age and I was working 157 00:13:01,700 --> 00:13:05,950 Suze: for at that time, Prudential Bache as a vice president 158 00:13:05,950 --> 00:13:09,099 Suze: for them. I left Merrill Lynch and went to Prudential 159 00:13:09,100 --> 00:13:17,100 Suze: Bache Securities and I remember thinking that these changes really 160 00:13:17,100 --> 00:13:21,290 Suze: don't have a lot to do with me. 32 alright. 161 00:13:21,300 --> 00:13:24,059 Suze: I have years before I'm going to be old enough 162 00:13:24,059 --> 00:13:27,770 Suze: to even be thinking about this or this will affect me. 163 00:13:28,360 --> 00:13:32,809 Suze: And what's so interesting is that now, here I am 164 00:13:32,820 --> 00:13:35,040 Suze: at 71 years of age 165 00:13:35,640 --> 00:13:41,070 Suze: and just like I started this podcast saying doesn't Thanksgiving 166 00:13:41,070 --> 00:13:44,729 Suze: and the holidays come faster and faster every year. The 167 00:13:44,730 --> 00:13:48,900 Suze: truth of the matter is, years pass as you age 168 00:13:48,960 --> 00:13:52,430 Suze: faster and faster. They do not slow down. 169 00:13:53,250 --> 00:13:58,170 Suze: And before you know it, you are not 32, you're 170 00:13:58,170 --> 00:14:02,630 Suze: 40-50-60-72 and so on. 171 00:14:03,520 --> 00:14:08,010 Suze: So when do you start planning for those changes? When 172 00:14:08,010 --> 00:14:12,110 Suze: do you take what's going to happen sometime in your 173 00:14:12,110 --> 00:14:13,120 Suze: lifetime 174 00:14:13,910 --> 00:14:18,989 Suze: seriously? And you plan for those changes right here and 175 00:14:18,990 --> 00:14:22,720 Suze: right now and the time that you do it is 176 00:14:22,730 --> 00:14:28,850 Suze: right here and right now because those changes are absolutely coming. 177 00:14:29,460 --> 00:14:32,990 Suze: So, I just want to go over again, a few 178 00:14:33,000 --> 00:14:36,490 Suze: of the proposals that are on the table. We already 179 00:14:36,490 --> 00:14:40,560 Suze: talked about how the full retirement age will be raised, 180 00:14:40,570 --> 00:14:43,460 Suze: most likely from 67 to 70. 181 00:14:44,330 --> 00:14:49,890 Suze: Also on the table is the suspension of spousal and 182 00:14:49,890 --> 00:14:55,270 Suze: children's benefits for high income wage earners. 183 00:14:55,820 --> 00:15:01,290 Suze: Just think about that for a little bit there now. Really, 184 00:15:01,330 --> 00:15:04,840 Suze: it kind of makes sense. You know, I'll never forget 185 00:15:04,840 --> 00:15:08,980 Suze: I was sitting with a celebrity who was older, who 186 00:15:08,980 --> 00:15:14,440 Suze: had married a younger woman and they had three kids 187 00:15:14,450 --> 00:15:15,890 Suze: who were young 188 00:15:16,460 --> 00:15:22,880 Suze: and he was already in his seventies collecting Social Security 189 00:15:22,890 --> 00:15:27,760 Suze: and because he was collecting Social Security he got a 190 00:15:27,760 --> 00:15:33,720 Suze: children's allowance for all three of his kids and it 191 00:15:33,720 --> 00:15:36,520 Suze: was for a whole lot of money. And I remember 192 00:15:36,520 --> 00:15:40,360 Suze: thinking to myself, something is radically wrong with this. It 193 00:15:40,360 --> 00:15:44,440 Suze: just is if you're making a lot of money which 194 00:15:44,440 --> 00:15:45,470 Suze: he was, 195 00:15:46,340 --> 00:15:50,140 Suze: here, we are, Social Security kind of going broke, which 196 00:15:50,140 --> 00:15:54,870 Suze: it was and we're paying for his children to get 197 00:15:54,870 --> 00:15:59,840 Suze: Social Security benefits. Now I totally get it. If you 198 00:15:59,840 --> 00:16:03,530 Suze: are a low wage earner you don't have a lot 199 00:16:03,530 --> 00:16:04,160 Suze: of money. 200 00:16:04,740 --> 00:16:08,050 Suze: But for people with a lot of money there needs 201 00:16:08,050 --> 00:16:12,510 Suze: to be a differentiation as to what they get in 202 00:16:12,510 --> 00:16:17,900 Suze: totality and having their kids get Social Security benefits. I 203 00:16:17,900 --> 00:16:20,820 Suze: just don't think that makes a lot of sense given 204 00:16:20,830 --> 00:16:25,630 Suze: the state of the Social Security coffers. So that is 205 00:16:25,630 --> 00:16:28,890 Suze: something that they are going to be discussing. 206 00:16:29,080 --> 00:16:33,450 Suze: They're also going to be discussing how lower wage earners 207 00:16:33,460 --> 00:16:39,040 Suze: hopefully will be paid a significant percentage amount more than 208 00:16:39,040 --> 00:16:41,440 Suze: they are getting right now. 209 00:16:42,460 --> 00:16:46,360 Suze: So those are just some of the changes that they 210 00:16:46,370 --> 00:16:50,620 Suze: are thinking about now, all of that sounds simple enough, 211 00:16:50,650 --> 00:16:55,880 Suze: but probably it's going to be far more complicated, especially 212 00:16:55,880 --> 00:17:00,550 Suze: for those collecting or who want to collect at 62. 213 00:17:01,090 --> 00:17:06,320 Suze: Now, earlier, I said that when full retirement age was 214 00:17:06,320 --> 00:17:15,700 Suze: 65 if you collected at 62 you got a 20% reduction. Obviously, 215 00:17:15,710 --> 00:17:20,740 Suze: if you collected at 63 64 your reduction was less. 216 00:17:20,880 --> 00:17:26,780 Suze: But if you collected at 62 the reduction was only 20% 217 00:17:26,790 --> 00:17:27,810 Suze: back then, 218 00:17:28,720 --> 00:17:32,520 Suze: Then what happened is when it went to full social 219 00:17:32,520 --> 00:17:38,390 Suze: security age being 67. If you collected at 62, you 220 00:17:38,390 --> 00:17:42,760 Suze: were born after 1960, you collect at 62, 221 00:17:43,670 --> 00:17:46,659 Suze: your reduction was 30%. 222 00:17:47,780 --> 00:17:53,119 Suze: So what happens now when full retirement age goes to 223 00:17:53,119 --> 00:17:57,830 Suze: 70 and you want to collect at 62? 224 00:17:58,880 --> 00:18:03,270 Suze: I have absolutely no doubt that the reduction will be 225 00:18:03,270 --> 00:18:09,290 Suze: far greater than 30%. It very probably could be 50 226 00:18:09,290 --> 00:18:11,990 Suze: or 55%. 227 00:18:12,990 --> 00:18:15,980 Suze: And the reason that I bring this up is that 228 00:18:15,990 --> 00:18:20,230 Suze: really about 30% of all people on social security? I 229 00:18:20,230 --> 00:18:24,650 Suze: think that percentage is correct. They collect at the age 230 00:18:24,660 --> 00:18:30,440 Suze: of 62 and they're collecting at 62 because they seriously 231 00:18:30,440 --> 00:18:34,030 Suze: need the money or otherwise they wouldn't be collecting at 232 00:18:34,030 --> 00:18:37,410 Suze: 62 unless they had a terminal illness. 233 00:18:38,260 --> 00:18:40,820 Suze: So, how is this all gonna work out? I'm not 234 00:18:40,820 --> 00:18:41,909 Suze: exactly sure. 235 00:18:42,590 --> 00:18:46,980 Suze: But that is why it's so important that we really 236 00:18:46,980 --> 00:18:50,590 Suze: get on the saving bandwagon, we really get on the 237 00:18:50,590 --> 00:18:54,750 Suze: bandwagon of making sure that why we are younger why 238 00:18:54,750 --> 00:18:57,230 Suze: we have a choice of what we do with our money, 239 00:18:57,250 --> 00:19:01,650 Suze: that we really make sure that we are saving it 240 00:19:01,660 --> 00:19:06,810 Suze: for our retirement years because if all of this comes 241 00:19:06,810 --> 00:19:09,500 Suze: to pass and who knows what else can come to pass, 242 00:19:09,510 --> 00:19:10,540 Suze: you 243 00:19:10,890 --> 00:19:14,210 Suze: Are going to need that money, especially if you are 244 00:19:14,210 --> 00:19:20,310 Suze: somebody who is dependent on Social Security. I'm curious on 245 00:19:20,310 --> 00:19:23,710 Suze: what's going to happen to those people who don't want 246 00:19:23,710 --> 00:19:27,840 Suze: to take social security at full retirement age at 70. 247 00:19:27,900 --> 00:19:31,149 Suze: Are they going to be allowed to wait to take 248 00:19:31,150 --> 00:19:33,090 Suze: it till 73? 249 00:19:34,180 --> 00:19:37,760 Suze: And do they get an 8% increase for the years, 250 00:19:37,760 --> 00:19:40,700 Suze: those three years that they wait in the same way 251 00:19:40,700 --> 00:19:42,119 Suze: that we do now. 252 00:19:42,770 --> 00:19:49,060 Suze: So full retirement age is 67. If you wait until 70, 253 00:19:49,080 --> 00:19:55,670 Suze: you get an 8% annual increase in your Social Security benefit. 254 00:19:55,680 --> 00:19:59,290 Suze: Are they going to allow that to happen as well? 255 00:19:59,300 --> 00:20:01,179 Suze: And if they do 256 00:20:01,800 --> 00:20:06,520 Suze: then we need to do different calculations. Because what's fascinating 257 00:20:06,530 --> 00:20:11,399 Suze: about what's happening is the life expectancy in the United States. 258 00:20:11,400 --> 00:20:15,290 Suze: For some reason, when they keep calculating it, it seems 259 00:20:15,290 --> 00:20:19,080 Suze: like it is going down rather than up 260 00:20:19,619 --> 00:20:23,200 Suze: so years from now when this happens, 261 00:20:24,750 --> 00:20:28,230 Suze: I don't know, maybe we don't want to wait until 262 00:20:28,240 --> 00:20:31,960 Suze: three more years to get an additional 8% a year. 263 00:20:31,960 --> 00:20:34,970 Suze: We're just going to have to see. 264 00:20:35,730 --> 00:20:38,490 Suze: So I'm telling you all this and I'm telling you 265 00:20:38,490 --> 00:20:42,469 Suze: the history of Social Security number one for you to 266 00:20:42,470 --> 00:20:46,450 Suze: understand that. Again, in my opinion, they didn't do a 267 00:20:46,450 --> 00:20:48,050 Suze: really good job 268 00:20:48,780 --> 00:20:53,619 Suze: in considering life expectancies how long somebody was really going 269 00:20:53,619 --> 00:20:57,890 Suze: to be on Social Security. Remember Ida May, 270 00:20:58,900 --> 00:21:02,280 Suze: they didn't do a really good job in figuring out 271 00:21:02,290 --> 00:21:06,879 Suze: who was going to be paying for Social Security. Given 272 00:21:06,880 --> 00:21:11,990 Suze: the fact that still a lot of salaries will be 273 00:21:11,990 --> 00:21:16,950 Suze: replaced by artificial intelligence or robots. In my opinion, 274 00:21:17,790 --> 00:21:22,160 Suze: they didn't do a good job in calculating everything to 275 00:21:22,160 --> 00:21:27,340 Suze: keep Social Security going. So how are they going to 276 00:21:27,340 --> 00:21:30,480 Suze: do it? What are they going to do? 277 00:21:31,160 --> 00:21:34,570 Suze: That is why it is so important in my opinion 278 00:21:34,580 --> 00:21:38,990 Suze: that we all become what I call the ultimate savers 279 00:21:39,000 --> 00:21:40,660 Suze: and investors. 280 00:21:41,440 --> 00:21:45,359 Suze: And I have to say that one of the best 281 00:21:45,359 --> 00:21:47,340 Suze: ways to do that 282 00:21:48,090 --> 00:21:53,520 Suze: is to start saving and investing more at an early 283 00:21:53,530 --> 00:21:56,360 Suze: age than you do even at a later age 284 00:21:56,910 --> 00:21:59,730 Suze: because of compounding 285 00:22:00,850 --> 00:22:06,160 Suze: The key to true financial independence and freedom starts when 286 00:22:06,160 --> 00:22:10,179 Suze: you are in your 20s, when you are in your 30s. 287 00:22:10,190 --> 00:22:16,150 Suze: Because every dollar that you invest gets to earn money. 288 00:22:16,820 --> 00:22:20,540 Suze: Then the earnings of that money gets to earn money 289 00:22:20,859 --> 00:22:24,040 Suze: and then over all the years 290 00:22:24,730 --> 00:22:29,540 Suze: your money compounds. And you will have more and more 291 00:22:29,550 --> 00:22:30,220 Suze: money 292 00:22:31,109 --> 00:22:36,360 Suze: If you wait until you're 40, 50 60. You have 293 00:22:36,359 --> 00:22:39,030 Suze: to save so much more money 294 00:22:39,900 --> 00:22:43,700 Suze: than if you had started in your twenties or early thirties. 295 00:22:43,710 --> 00:22:47,790 Suze: I can't even begin to tell you. So you've got 296 00:22:47,790 --> 00:22:49,320 Suze: to take advantage of it. 297 00:22:49,920 --> 00:22:55,010 Suze: Not one way you can take advantage seriously of saving 298 00:22:55,920 --> 00:23:01,830 Suze: is by participating in the Suze Holiday Sweepstakes with Alliant 299 00:23:02,350 --> 00:23:07,480 Suze: Credit Union. Uh huh. I want to go there because 300 00:23:07,480 --> 00:23:14,410 Suze: starting now all the way through December 15th two of 301 00:23:14,410 --> 00:23:15,090 Suze: you 302 00:23:15,840 --> 00:23:19,880 Suze: who are part of the Alliant Credit Union, the ultimate 303 00:23:19,880 --> 00:23:24,500 Suze: opportunity savings account or the checking account two of you 304 00:23:24,510 --> 00:23:30,980 Suze: are going to win $10,000 each and that my friends 305 00:23:31,030 --> 00:23:35,359 Suze: is a whole lot of money. It will be deposited 306 00:23:35,359 --> 00:23:40,109 Suze: directly into your account at Alliant Credit Union. 307 00:23:41,330 --> 00:23:45,379 Suze: If you already have an Ultimate Opportunity Savings account or 308 00:23:45,380 --> 00:23:46,460 Suze: checking account 309 00:23:46,910 --> 00:23:52,230 Suze: you have automatically already been entered. You have one entry 310 00:23:52,650 --> 00:23:57,440 Suze: in to the Suze Holiday Sweepstakes and most of you 311 00:23:57,440 --> 00:24:00,739 Suze: if not all of you by now should have received 312 00:24:00,740 --> 00:24:04,820 Suze: an email telling you number one that you automatically have 313 00:24:04,820 --> 00:24:08,480 Suze: an entry and they will be providing you within that 314 00:24:08,490 --> 00:24:13,570 Suze: email a personalized link that you can use to send 315 00:24:13,570 --> 00:24:15,429 Suze: to anyone you want. 316 00:24:15,990 --> 00:24:19,980 Suze: Now if the person that you send that link to 317 00:24:21,030 --> 00:24:27,929 Suze: happens to join the Ultimate Opportunity savings account where simply 318 00:24:27,940 --> 00:24:30,560 Suze: they open up the account they become a member of 319 00:24:30,560 --> 00:24:34,240 Suze: Alliant Credit Union that doesn't cost them anything. Not only 320 00:24:34,240 --> 00:24:38,450 Suze: do they currently get 2.5% interest rate but not only 321 00:24:38,450 --> 00:24:43,490 Suze: are they entered into the sweepstakes to win $10,000 but 322 00:24:43,490 --> 00:24:47,760 Suze: you get an additional entry as well. 323 00:24:48,340 --> 00:24:52,550 Suze: Now if you haven't gotten that email link 324 00:24:53,630 --> 00:24:57,830 Suze: then all you have to do is go to my 325 00:24:57,840 --> 00:25:01,960 Suze: alliant A. L. L. I A N. T. Dot com 326 00:25:01,970 --> 00:25:07,380 Suze: slash Suze S. U. Z. E. And that is where 327 00:25:07,380 --> 00:25:11,430 Suze: you can get your personalized link. If many of you 328 00:25:11,430 --> 00:25:14,770 Suze: who are listening right now have never been part of 329 00:25:14,770 --> 00:25:19,290 Suze: the Ultimate Opportunity Savings account that I created with Alliant 330 00:25:19,290 --> 00:25:22,100 Suze: Credit Union. Almost two years ago 331 00:25:23,350 --> 00:25:30,129 Suze: you would go to my alliant dot com. M. Y. A. L. L. 332 00:25:30,140 --> 00:25:32,770 Suze: I A N. T. dot com 333 00:25:33,590 --> 00:25:36,990 Suze: And that is where you can become a member of 334 00:25:36,990 --> 00:25:40,290 Suze: the Alliant Credit Union and become part of this and 335 00:25:40,290 --> 00:25:45,150 Suze: you'll automatically be entered into the sweepstakes as well. You 336 00:25:45,150 --> 00:25:49,109 Suze: then will also be able to get a link that 337 00:25:49,109 --> 00:25:51,160 Suze: you can send out to people 338 00:25:51,510 --> 00:25:57,899 Suze: And be part of the holiday giving sweepstakes where two 339 00:25:57,900 --> 00:26:03,949 Suze: of you will be winning $10,000 each. 340 00:26:05,850 --> 00:26:08,180 Suze: Now I know I just spent a lot of time 341 00:26:08,180 --> 00:26:11,940 Suze: with that but I just want everybody to be clear 342 00:26:11,950 --> 00:26:15,419 Suze: because $10,000. Everybody is a lot of money and I 343 00:26:15,420 --> 00:26:19,710 Suze: don't care what you say. Good luck finding anybody else 344 00:26:19,720 --> 00:26:24,639 Suze: doing this. Now last year we gave away $20,000 this 345 00:26:24,640 --> 00:26:30,040 Suze: year we're giving away $20,000. You tell me one other 346 00:26:30,040 --> 00:26:31,850 Suze: financial institution 347 00:26:32,200 --> 00:26:36,699 Suze: that is giving that kind of money away at a 348 00:26:36,700 --> 00:26:40,510 Suze: great interest rate on your account and everything else that 349 00:26:40,510 --> 00:26:45,060 Suze: Alliant Credit Union is doing and wait till you hear 350 00:26:45,070 --> 00:26:49,340 Suze: the things that we have coming up next year that 351 00:26:49,340 --> 00:26:51,530 Suze: you are so going to want to be a part 352 00:26:51,540 --> 00:26:55,869 Suze: of Alliant Credit Union, I cannot even tell you 353 00:26:56,340 --> 00:27:02,159 Suze: all programs that I'm personally designing with Alliant Credit Union 354 00:27:02,910 --> 00:27:09,980 Suze: programs that I know you seriously need and will use. 355 00:27:10,050 --> 00:27:14,470 Suze: So that's why I've taken so much time to tell 356 00:27:14,470 --> 00:27:18,920 Suze: you about this. Alright, I hope you've learned a little 357 00:27:18,920 --> 00:27:22,990 Suze: bit about Social Security. I'll keep you more informed as 358 00:27:22,990 --> 00:27:28,080 Suze: time does go on one very quick update about the 359 00:27:28,080 --> 00:27:30,930 Suze: student loan forgiveness program. 360 00:27:31,170 --> 00:27:34,910 Suze: It seems like for now it is seriously stuck in 361 00:27:34,960 --> 00:27:41,630 Suze: the courts. So now President Biden is thinking about extending 362 00:27:41,760 --> 00:27:49,100 Suze: the student loan forgiveness moratorium past January 1st of this 363 00:27:49,100 --> 00:27:52,620 Suze: coming year. So I hope he does that, 364 00:27:53,290 --> 00:27:56,580 Suze: I hope he does. That will have to stay tuned 365 00:27:56,580 --> 00:28:01,830 Suze: to see if he does. So as I said before 366 00:28:02,040 --> 00:28:05,290 Suze: this Thursday is Thanksgiving 367 00:28:05,910 --> 00:28:08,440 Suze: and I just want to take this time to tell 368 00:28:08,440 --> 00:28:12,910 Suze: you seriously how grateful I am to all of you, 369 00:28:13,060 --> 00:28:17,470 Suze: all of you who have been such loyal fans over 370 00:28:17,470 --> 00:28:18,800 Suze: all these years. 371 00:28:20,220 --> 00:28:23,790 Suze: It really just blows me away. I have goose bumps 372 00:28:23,790 --> 00:28:25,880 Suze: as I'm saying this right now. 373 00:28:26,880 --> 00:28:32,560 Suze: I mean millions and millions all over the world have 374 00:28:32,570 --> 00:28:37,010 Suze: stuck with me for over 30 years now 375 00:28:37,520 --> 00:28:41,390 Suze: and I just love that we've gotten all together, 376 00:28:42,050 --> 00:28:45,740 Suze: Your children have grown up with me 377 00:28:46,610 --> 00:28:51,670 Suze: and so I take that as a tremendous responsibility and 378 00:28:51,670 --> 00:28:54,510 Suze: I just want to tell you again how grateful I 379 00:28:54,510 --> 00:28:57,710 Suze: am to all of you and to those of you 380 00:28:57,710 --> 00:29:01,580 Suze: who are joining our financial empowerment journey 381 00:29:02,590 --> 00:29:06,040 Suze: for maybe the first time. I just want to welcome 382 00:29:06,050 --> 00:29:09,290 Suze: all of you with all my heart. 383 00:29:10,030 --> 00:29:14,600 Suze: You know, I'm so proud to bring you a place 384 00:29:15,230 --> 00:29:18,580 Suze: where I really believe that you can bring your money 385 00:29:18,580 --> 00:29:23,790 Suze: home to, you can bring your financial problems to where 386 00:29:23,790 --> 00:29:28,280 Suze: you will find the solutions that will truly help you 387 00:29:28,640 --> 00:29:34,130 Suze: that are totally unbiased with nothing for anybody to gain 388 00:29:34,140 --> 00:29:37,930 Suze: anything out of except for you. 389 00:29:39,010 --> 00:29:41,970 Suze: So, until Thursday 390 00:29:42,480 --> 00:29:46,000 Suze: there's really only one thing I want for you and 391 00:29:46,000 --> 00:29:50,120 Suze: your money and that is for you all to be smart, 392 00:29:50,220 --> 00:29:56,010 Suze: strong and secure. Now you stay safe and don't eat 393 00:29:56,030 --> 00:30:01,210 Suze: too much. All right, everybody see you on Thursday. Bye bye.